Lupin Board recommends 50% dividend

Lupin Ltd has announced that the Board of Directors of the Company at its meeting held on May 09, 2007, inter alia, has recommended dividend @ 50% i.e. Rs 5/- per equity share of the face value of Rs 10/- each, for the year ended March 31, 2007.

The Board of Directors also approved the formation of a wholly owned subsidiary in Switzerland by making an initial investment of up to Swiss Francs 100,000 (US $ 83,000). The said subsidiary would act as a special purpose vehicle for routing Overseas investments to be made by the Company.

The Board further approved the formation of a subsidiary in India with an initial investment of Rs 500,000/-. The said subsidiary would undertake manufacture of Active Pharmaceutical Ingredients at a unit to be located in a Special Economic Zone.

The stock closed the day at Rs.709.05, down by Rs.12.95 or 1.79%. The stock hit an intraday high of Rs.734 and low of Rs.702. The total traded quantity was 166010 compared to 2 week average of 98972.

Source : Equity Bulls

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